Pound Sterling Price News and Forecast: GBP/USD has now settled 0.19% lower on Thursday

FXStreet Team FXStreet

GBP/USD has had a volatile session oscillating within a 160 pip range after Brexit developments

It has been a day of mixed messaged and interesting price action as lots of Brexit headlines hit the wires. The beginning of the session was full of negativity there was short-lived after UK MP Michael Gove stated that "differences in Brexit talks still remain and the UK are looking at steps to safeguard borders after Brexit". Then approximately an hour or so later Ursula Gertrud von der Leyen the president of the European Commission said that the EU has sent formal notice to the UK for breaching its obligations under the Withdrawal Agreement. This was to be expected and any legal action could take months.

GBP/USD: Intraday weakness is seemingly now a chance to buy

Although intraday moves reflect a degree of uncertainty with choppy trading on Cable, the direction of travel continues higher near term. The big question is whether the bulls can overcome key medium term pivot/resistance at 1.3000. As a run of positive closes builds, with the market pulling above 1.2860 (a September pivot) we see a positive bias within what is still a three week consolidation between 1.2670/1.3000.

EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.